The use of Unified Payments Interface (UPI) for transferring funds has become the new normal with the widespread adoption of digital transactions. Quick, efficient, and easy to use, UPI transactions make our lives a lot simpler. However, along with the ease of transactions, comes the risk of a slip of a finger, causing funds to be sent to an unintended recipient.
This is especially common given the fact that UPI contributed 75 per cent of the total retail segment transaction volume in FY 2022-23. So, what can be done if you find yourself in this predicament? If you have ever transferred money by mistake to an unintended UPI id, do not panic. There are several ways to rectify this situation and get your money back.
Identifying the error
Discovering that you’ve transferred money to the wrong UPI address can lead to a panic reaction. However, the first step is always to double-check the details of the transaction. Confirm whether the transfer has indeed been made to an incorrect UPI ID. In such cases, it’s essential to keep calm and follow the steps to recover the money.
Here are a few simples to get your money back sent to a wrong UPI ID:
Contact the wrong recipient
Your first move should be to contact the beneficiary of the mistaken transaction. However, this can be challenging if you don’t have their contact details. In such cases, UPI can try to send a daily transfer of a small amount like Rs 1 to the unintended recipient with a note explaining the mistake and requesting a refund. Keep in mind that the success in this case largely depends on the goodwill of the recipient.
Hold onto your transaction messages
It’s of utmost importance that you keep all your transaction messages saved on your phone. Transaction details, including the PPBL number, play a significant role when you’re filing a complaint. If you’ve made an incorrect payment, you can lodge a complaint about it on the National Payments Corporation of India (NPCI) website. Established by the Reserve Bank of India, NPCI is the organisation responsible for providing UPI services.
File a complaint with your bank
In addition to contacting the customer service of your payment platform, it’s also important to lodge a complaint with your bank. Inform them about the erroneous transaction and provide the relevant information. According to the guidelines issued by the Reserve Bank of India, your misplaced money can be retrieved within two days of lodging a complaint about the wrong payment. However, it’s important to inform your bank about the incorrect transaction as soon as possible. The sooner you register a complaint the chances of recovering the money are higher….Read More
Source By: zeebiz
